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Getting to 700

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Anonymous
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Getting to 700

Had an account for a while but this is my first time posting. Really love the info I have found so far. I am in a rebuilding process right now and wanted some advice.

 

My EQ & TU score are both at 623 and EX is at 605 all on Myfico. With my scores as low as they are, should I hold off on applying for new credit to age my current acccounts?

 

My last late was at the begining of the year and I have a few old collections/charge offs. Our goal is to purchase a home next summer.

 

Thanks in advance for the input!

 

Jordan

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Anonymous
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Re: Getting to 700

That really depends on what you've got. If you've got maybe three or four decent cards, you'll probably have better luck growing your CLIs (while keeping your utilization low). I don't see you hitting 700 until the collections fall off and the lates are maybe 2 years in your past, but that's based on my own experience. I'm not quite there yet, and my last collection just fell off, and my last late was 1yr 9mos ago.  I'm focused on growing my credit lines now while my inquiries age out. When that happens, I should be in really good territory to pick and choose one or two really spectacular cards. Right now I don't need more cards, I just need more CLI on some of them to make them more useful.

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